Despite being a prime demographic target, millennials have been elusive customers for most traditional banks.
Millennials have the lowest levels of customer engagement with their primary banks and are more likely to switch banks than any other generation, according to Gallup.
This reality does not mean that banks should cease trying to woo millennials. Data from the U.S. Financial Health Pulse suggests that making financial health a cornerstone of their business could be an opportunity for banks to re-engage with millennials and provide value in a way that earns long-term loyalty.
An early cut of the 2019 Pulse study data found that only 24% of millennials are financially healthy, with full results of annual survey expected later this fall. This means that more than three-quarters of young people are struggling with some or all aspects of their financial health, making them vulnerable to unexpected events and unable to pursue opportunities due to their financial situations.
Read the full article from American Banker here.